US natgas prices soar 10% from 3-1/2-year low as Chesapeake cuts output

U.S. natural gas futures soared by about 10% on Wednesday after Chesapeake Energy – soon to be the biggest U.S. gas producer after its merger with Southwestern Energy – cut the amount of gas it plans to produce in 2024 due to the recent plunge in gas prices to a 3-1/2-year low. Chesapeake was just the latest gas producer to slash spending and reduce rigs after gas prices dropped about 31% so far in 2024 after falling 44% in 2023. Last week, gas producers Antero Resources, Comstock Resources and EQT said they also planned to reduce drilling this year.